News & Analysis as of

Trustees Liquidation

Rivkin Radler LLP

Trust Beneficiary Engages In Like Kind Exchange Using Trust Property

Rivkin Radler LLP on

It is a basic principle of the income tax that the gain or loss realized by a taxpayer from the conversion of property into cash, or from the exchange of property for other property that differs materially in kind from the...more

Jones Day

Fifth Circuit: Preference Claims Are Property of the Bankruptcy Estate that Can Be Sold

Jones Day on

A debtor's non-exempt assets (and even the debtor's entire business) are commonly sold during the course of a bankruptcy case by the trustee or a chapter 11 debtor-in-possession ("DIP") as a means of augmenting the bankruptcy...more

King & Spalding

Fifth Circuit Determines that Raymond James Is Subject to Bankruptcy Trust Litigation and Affirmative Defenses Are Not Available

King & Spalding on

Louisiana Pellets, Inc. and German Pellets Louisiana, LLC filed for Chapter 11 bankruptcy in 2016. The bankruptcy court confirmed the debtors’ plan in 2017, which established a liquidating trust for the debtors’ remaining...more

Bradley Arant Boult Cummings LLP

Fifth Circuit Reminds Creditors They Must Actively Protect Their Interests in Bankruptcy

In its recent opinion in Raymond James & Associates Inc. v. Jalbert (In re German Pellets Louisiana LLC), 23-30040, 2024 WL 339101 (5th Cir. Jan. 30, 2024), the Fifth Circuit held that a confirmed bankruptcy plan enjoined a...more

Walkers

Non-Compliant Transfers of Cayman Islands Insurance Business: To Void, or Not to Void, That Is the Question

Walkers on

Since the introduction of the Insurance Act in 1979, the Cayman Islands has established itself as one of the largest, and most sophisticated, centres for international insurance business. As of the first quarter of 2023, the...more

King & Spalding

Court Holds a Market-Tested Transaction Is Not a Fraudulent Transfer

King & Spalding on

On June 14, 2023, the United States Bankruptcy Court for the District of Delaware entered judgment for the defendants, the former owners of Samson Investment Company (the “SIC”), in a fraudulent transfer action brought by...more

Jones Day

Liquidating Chapter 11 Plan Confirmed Despite Provision Temporarily Enjoining Litigation Against Corporate Debtors

Jones Day on

To prevent "trafficking in corporate shells," the Bankruptcy Code prohibits any discharge of corporate or partnership debts if the debtor is not an "individual" and, in a chapter 11 case, if the debtor proposes a liquidating...more

Seward & Kissel LLP

BlockFi Full Disclosure? Jenny Don’t Change Your Number, Christmas in July, and Keep On Truckin’

Seward & Kissel LLP on

BlockFi Bankruptcy Plans Opposed by FTX, Three Arrows, and SEC | CoinDesk - Bankrupt crypto lender BlockFi submitted bankruptcy plans which have now been opposed by bankrupt companies FTX and Three Arrows Capital as well...more

Fox Rothschild LLP

Delaware Bankruptcy Court Latest to Determine that Refund of Excess Quarterly US Trustee Fee Payments is Appropriate

Fox Rothschild LLP on

The Fox Rothschild In Solvency blog previously covered the Supreme Court’s decision in Siegel v. Fitzgerald, 142 S. Ct. 1770 (2022), in which the 2017 amendment to 28 U.S.C. § 1930(a)(6) increasing quarterly fees payable to...more

Fox Rothschild LLP

Do Liquidating Trusts Have to Pay Quarterly US Trustee Fees?

Fox Rothschild LLP on

In a 2021 opinion in In re Paragon Offshore PLC, 629 B.R. 227 (Bankr. D. Del. 2021) (“Paragon Offshore”), Judge Sontchi of the United States Bankruptcy Court for the District of Delaware held that a litigation trust created...more

Patterson Belknap Webb & Tyler LLP

Court Says Creditor Can Sue a Liquidating Trustee without Prior Permission

A bankruptcy court ruled that a creditor didn’t need to seek derivative standing to sue a liquidating trustee.  The creditor, himself a trustee of the debtor’s employee stock-option plan, had standing to sue without prior...more

Walkers

Chambers Global Aviation Finance & Leasing Guide 2022: Cayman Islands

Walkers on

In the 2022 Chambers and Partners Global Aviation Finance & Leasing Guide for the Cayman Islands, our aviation experts provide a comprehensive overview of the latest legal information regarding aircraft and engine purchase...more

Fox Rothschild LLP

Court Pulls Carpet Out from Under Trustee’s Preference Claim

Fox Rothschild LLP on

The Eleventh Circuit sided with the Third Circuit in finding that a creditor’s administrative claim under 11 U.S.C. § 503(b)(9) does not offset its new value defense pursuant to 11 U.S.C. § 547(c)(4). Auriga Polymers Inc. v....more

Fox Rothschild LLP

The Circuit City Landmine (Siegel v. Fitzgerald): Supremes Declare Bankruptcy Fee Hike Under United States Trustee Program...

Fox Rothschild LLP on

While it is becoming increasingly rare for the Supreme Court to speak with a singular voice on virtually anything these days, bankruptcy provides a rare exception. On June 6, 2022, the Supreme Court unanimously held in...more

Lowenstein Sandler LLP

Exculpation Ruling Shows Danger Of Overbroad Clauses

Lowenstein Sandler LLP on

It is common that accountants seek to limit their liability to a client in the event of malpractice. Typically, in the retention agreement, the liability is limited to the amount of fees paid by the client to the accounting...more

Winstead PC

Texas Court Does Not Have Personal Jurisdiction Over A Trustee Of A Trust With Texas Timber Rights

Winstead PC on

In JPMorgan Chase Bank, N.A. v. Campbell, a member of a limited partnership sued other partners, including a trustee of a trust, to dissolve the partnership. No. 09-20-00161-CV, 2021 Tex. App. LEXIS 5001 (Tex. App.—Beaumont...more

Rivkin Radler LLP

Tax Distributions As Fraudulent Conveyances?

Rivkin Radler LLP on

The Calm Before? I’m confused. For better or worse, I’m pretty sure that I am not alone. Last week, in a letter addressed to the American people, forty-six of the fifty Republicans in the U.S. Senate indicated they...more

Fox Rothschild LLP

Critical Vendor Order Insufficient To Protect Critical Vendors Against Preference Claims

Fox Rothschild LLP on

In a recent post, our own Harriet Wallace observed a truism in a recent ruling by the United States Bankruptcy Court for the District of Delaware in the chapter 7 iteration of the infamous Jevic case—the wording of an order...more

Patterson Belknap Webb & Tyler LLP

Critical Vendors Aren’t Immune from Lawsuits to Recover Preferential Transfers

Some courts permit debtors to designate vendors crucial to their business as “critical vendors.” These vendors supply debtors with necessary goods or services. Debtors are permitted to pay them amounts owing when a...more

Lowenstein Sandler LLP

Preference Defense In the Wake Of The Pandemic: A Primer

Nothing is more frustrating to a trade creditor holding a large unpaid balance owed by a debtor in bankruptcy than the risk that payments the trade creditor received before the debtor filed bankruptcy may be clawed back by...more

Bradley Arant Boult Cummings LLP

Bradley’s Bankruptcy Basics: Chapter 7 Bankruptcy — Liquidation

Chapter 7 bankruptcy cases are straight liquidations sought by debtors who wish to have most or all of their debts discharged. In Chapter 7 cases, the Chapter 7 trustee obtains control over the debtor’s assets and evaluates...more

Rosenberg Martin Greenberg LLP

The Trustee Is Suing Me For A Transfer I Received How Many Years Ago?

Any creditor that has experienced more than a few customers or borrowers filing for bankruptcy is aware that there is a risk of being sued by a trustee to avoid transfers that the creditor received prior to the bankruptcy...more

Ward and Smith, P.A.

What Do You Get When You Cross a $137,000 Cartier Necklace and a Debtor With Selective Amnesia? A Chapter 11 Trustee.

Ward and Smith, P.A. on

When a debtor files bankruptcy under Chapter 11, the bankruptcy court does not automatically appoint a trustee. Unlike Chapter 7, where the court appoints a trustee to investigate the debtor's assets, liquidate assets, and...more

White & Case LLP

Trending: Legal protection for cryptoasset stakeholders

White & Case LLP on

Recent decisions in Singapore and New Zealand confirm that the courts are prepared to act to provide greater certainty and support to stakeholders in cryptoassets....more

Dechert LLP

Third Circuit Clarifies the Inner Workings of Foreclosure on Repo Collateral

Dechert LLP on

In the fifth opinion involving the repo liquidation saga of HomeBanc, the Third Circuit addressed several crucial issues involving the liquidation and valuation of repo collateral in bankruptcy. In re HomeBanc Mortg....more

35 Results
 / 
View per page
Page: of 2

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
- hide
- hide